Trump’s Proposed Crypto Advisory Council Sparks Interest Among Ripple, Kraken, and Coinbase Amid Calls for Unbiased Oversight

• Trump’s proposed Crypto Advisory Council draws interest from Ripple, Kraken, Coinbase, and Circle, sparking industry competition.

• The council may oversee a Bitcoin Reserve initiative and regulatory reforms, with key roles like a ‘crypto czar’ under discussion.

• Critics warn against including crypto insiders, advocating for unbiased experts to ensure balanced and objective policymaking.

Crypto firms such as Ripple and Kraken are competing for influential roles in Trump’s proposed Council aimed at reshaping US crypto regulations.

Leaders from Ripple, Coinbase, and Circle Eye Spots on Crypto Council

According to a report from Reuters, Coinbase CEO Brian Armstrong recently met with Trump, though the details of their discussion remain unclear. The CEO of USDC stablecoin issuer Circle, Jeremy Allaire, and major venture firms like Paradigm and Andreessen Horowitz’s crypto arm, a16z, are also seeking representation.

The council could operate under the White House’s National Economic Council or as a separate entity. It aims to include industry leaders, policymakers, and possibly enforcement representatives. Trump’s team is also considering a “crypto czar” role to lead the council.

As COINOTAG reported earlier, potential candidates include former CFTC Chair Chris ‘Crypto Dad’ Giancarlo, David Bailey, and Riot Platforms public policy chief Brian Morgenstern.

The council’s responsibilities may include establishing a Bitcoin Reserve based on the Bitcoin ACT Bill proposed by US Senator Cynthia Lummis. The bill, modeled after the US gold reserve, seeks to create a digital equivalent. Analysts at JP Morgan have called this unlikely, but recent developments suggest renewed optimism.

However, it would be bold to assume everyone was on board with the proposal. Some found it problematic to include industry players who are interested parties, a fresh take on the issue:

“If Trump actually establishes a Crypto Advisory Council, it should not include anyone from the crypto industry itself, given their extremely biased views. Instead, it should be comprised of experts who do not even own Bitcoin and can therefore make objective recommendations,” financial analyst Peter Schiff wrote.

Broader Choices for Policy Leaders

After Trump’s earlier vow to reform the SEC, the agency’s current chair Gary Gensler announced his resignation on Thursday. His four-year tenure will end in January 2025, before Trump takes office. Rumors are also circulating about three potential candidates for the role.

Among the contenders is Hester Peirce, an SEC Commissioner known for her support of cryptocurrency innovation and criticism of regulatory overreach. Mark Uyeda, another SEC Commissioner with extensive experience in securities regulation, is also under consideration.

Additionally, Paul Atkins, a former SEC Commissioner with a deregulatory stance, and Brian Brooks, the former Binance.US CEO, are being evaluated for the position. These candidates reflect an emphasis on re-evaluating regulatory approaches to digital assets.

In response to the buzz, the Crypto Council for Innovation made this sunny foresight:

“From 2025 the USA is finally going to catch up. The EU is waking up and making its own moves. Crypto’s future has never looked brighter,” the Crypto Council for Innovation (CCI) wrote on X (formerly Twitter).

Overall, it has been a ceremonious time for the US community as of late, with regulatory prospects looking rather bright. Trump’s crypto council is anticipated to set up the Bitcoin Reserve. His media company is also reportedly looking to launch a crypto payments service called ‘TruthFi’.

Conclusion

The formation of Trump’s Crypto Advisory Council signals a pivotal moment for the cryptocurrency landscape in the United States. The composition of this council and the inclusion of unbiased experts will be critical in defining the regulatory framework moving forward. As the crypto space continues to evolve, its profoundly impactful decisions will likely set the stage for a more structured and competitive environment for digital assets.